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GBPCAD Potential Breakout

Trade Background: Bearish Breakout

GBP continues to fall despite quite positive economic data coming out last Friday. This shows that the market has little interest in UK economic data and is still solely focused on Brexit. It’s all about Brexit! Nevertheless, price seems to be breaking the bullish trend that spans back to February. If price continues to fall and consolidate below 1.7400, a further fall seems likely.

Trade Idea:

Positioning: Short Time frame: 4H chart Length of Trade: 2 days to 1 week